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Home Markets Equities Company Results

Q3 2022: Ecobank Plc reports 2% increase in pre-tax profits

Growth in pre-tax profits was due to increase in interest income

Chris Ugwu by Chris Ugwu
December 2, 2022
in Company Results
Ecobank obtains $200 milllion loan from consortium led by FMO

Ade Adeyemi, Chief Executive Officer, Ecobank Trans International

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Ecobank Plc released its 2022 Q3 results on Thursday, December 1, 2022, reporting a pre-tax profit of N59.734 billion. This represents a 2% increase from the N58.351 billion the company reported during the same period in 2021.

Interest income  

  • 2022 Q3: N168.6 billion
  • 2021 Q3: N162.4 billion
  • Change: +4%

Operating income  

  • 2022 Q3: N191.04 billion
  • 2021 Q3: N181.3 billion
  • Change: +5%

Operating expenses 

  • 2022 Q3: N108.5 billion
  • 2021 Q3: N 104,1 billion
  • Change: +4%

Pre-tax profit 

  • 2022 Q3: N59.7 billion
  • 2021 Q3: N58,4 billion
  • Change: +2%

Net Profit after tax

  • 2022 Q3: N40.1 billion
  • 2021 Q3: N41.9 billion
  • Change: -4%

Bottom line: Though the growth in pre-tax profits was due to the increase in interest income as investment securities in treasury bills, bonds, and others, the net profit dropped following a rise in operating expenses.

 

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Tags: Ecobank Plc
Chris Ugwu

Chris Ugwu

Chris is a Senior Financial Analyst at Nairametrics Advocates Limited with over a decade stint in active journalism and public relations practice.

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